JPMorgan Chase & Co. plans to boost the number of junior investment bankers it employs by about 10 percent and provide them with “protected weekends” to reduce their workload, a person familiar with the matter said. Jeff Urwin, the New York-based company’s global head of investment banking, announced the changes on an internal conference call today, said the person, who didn’t say how many people would be affected and asked not to be identified because the new policies aren’t public. Jennifer Zuccarelli, a spokeswoman for JPMorgan, declined to comment. All of the major Wall Street firms are planning to increase investment-banking staff in 2014, according to Jeanne Branthover, the head of financial-services recruitment at Boyden Global Executive Search in New York. They are also trying to protect their best employees from poaching as average pay at the biggest banks declines. “Business is better and they’ve stayed lean for so long,” Branthover said. “People are burned out.” [Bloomberg, earlier]
Jamie Dimon Sees The Kardashian’s David LaChappelle-Directed Christmas Card And Raises Them “Tennis With Giant Balls In Our Park Avenue Living Room”By Bess Levin
Earlier this month. Jamie Dimon’s office at 270 Park Avenue. Dimon is on his computer scrolling through pictures. As we get closer, we see that he’s looking at old Kardashian family Christmas cards that Kourtney and Khloe have tweeted, before the big reveal of this, which elicits a “Oh for crying out loud” from Dimon. After a few more moments he picks up the phone.
Judy Dimon: Hello?
Jamie Dimon: It’s me.
Judy Dimon: Oh hi honey, I’m glad you called, do you want me to pack your flannel shirt for the weekend? And what time will you be home, because I think we should get on the road by 5 and–
Jamie Dimon: Yeah, listen, you need to call the Blankfeins and cancel.
Judy Dimon: What do you mean cancel? We’ve been trying to do this weekend in Vermont with them for months.
Jamie Dimon: Can’t do it Judy. Cancel with Laura and then call the girls. Tell them to be at the house for a family meeting at 1900 hours.
Judy Dimon: Jamie what is this about?
Jamie Dimon: You know what it’s about.
Judy Dimon: I want to hear you say it.
Jamie Dimon: Don’t make me, Judy.
Judy Dimon: No, if I’m going to be forced to cancel our weekend with the Blankfeins and devote the next two days straight to what you have planned, I want to hear the words come out of your mouth. Read more »
JP Morgan Multi-Dealer Chatroom Ban Not Just About FX Manipulation (Innocent Dick Jokes Probably A Problem Too)By Bess Levin
JP Morgan Chase and Deutsche Bank are extending bans on the use of multi-dealer online chatrooms, sources familiar with the plans told Reuters, as banks crack down on potentially inappropriate communications following a string of scandals. Chatrooms have been a focus for regulators investigating manipulation of benchmark interest rates and possible rigging in the $5.3 trillion-a-day foreign exchange (FX) market. A source familiar with developments at JP Morgan, the biggest U.S. bank by assets, said the decision was unrelated to the FX probes which surfaced in June, noting chatrooms had been under review at the bank since earlier this year. “This has always been about more than FX,” the source said, adding that the casual nature of online chatrooms increased the potential for “inappropriate” remarks to be made. [Reuters, Related: UBS Making Foreign Exchange Rate Manipulation Mildly More Inconvenient]
In honor of the five-year anniversary of the Fall of the House of Madoff (Wednesday, if it’s not already a fixture in your Outlook calendar), we bring you an update on the House of Morgan’s latest negotiations with a representative of the U.S. government, this time over whether it should have filed a form that probably would have been ignored or ineptly investigated anyway, in which it would have suggested that maybe something was amiss on the 17th floor of 885 Third. Read more »
JPMorgan’s Top Lawyer Thinks Government Could’ve Been Just As Happy With $100 Million As It Was With $13 BillionBy Bess Levin
Stephen Cutler is pretty sure a 9-figure settlement is still something. It’s the thought that counts. Read more »
If you liked your bonus in 2012, you’ll love what’s coming to you this year. Read more »